SPOT EURJPY - This week's technicals & trade strategy
The demand for EURJPY has extended going into 2018, investors buying the market last week to post a 3rd higher weekly low & high in a row and a gain of 1 ½ Big Figs. However, a fresh 2 ½ year top on Friday at 136.64 has attracted profit taking selling, the pullback forming a daily Shooting Star, a signal which reflects bullish exhaustion. Further losses are likely to be temporary, but it has switched this week’s signals to cautiously bearish and the call is to sell on the open and then at 136.54, Friday’s high with a stop loss at 137.07, the Oct 2015 top. Targets are to 135.62, Thursday’s Marabuzo line, 134.80, last week’s base and 134.15, the 2 week low trade.
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